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Luxury Home sales soar...

Sales of luxury homes spiked in the final months of 2012 as high-end homeowners rushed to take advantage of lower tax rates before January 1.

Note: The real estate recovery continues to pick up speed, not just in Bend, OR but across the nation. If you would like to discuss the local bend real estate market, Please call Greg Broderick, Broker at (541)280-2363

(CNN Money) Many sellers wanted to cash in on their homes before a widely expected capital gains hike -- to 20% from 15% -- that was part of the fiscal cliff budget deal. High-income earners (singles with income of $200,000 or more and couples making more than $250,000) also wanted to close sales ahead of a 3.8% Medicare surtax on investment income that was already slated to go into effect this year as part of the Affordable Care Act.

All told, a high-earner would pay $88,000 less in taxes if they made a $1 million profit on their home in 2012 rather than in 2013.

That considerable tax savings motivated...